Procedure To Transfer Money To Buy Condo

[fox]

Hi,

I need your urgent advice.

I am from Malaysia and I have booked a condo in Bangkok.

And I have also opened a bank savings account in Bangkok.

My urgent question is this :

I am now back in Malaysia.

1. Do I send my purchase payment by Cheque to the Developer direct ?

2. Or I transfer my purchase payment to my Thai Bank first, then make payment from there.

3. What other steps must I do.

4. Forex transfer. What is it ? Who will give me this form ?

Thanking you all in advance.

[Boater]

answers to you questions below

Do I send my purchase payment by Cheque to the Developer direct ? - NO , send by bank transfer from your bank in Malaysia in Riggit ... also state the payment is for a CONDO PURCHASE,

Or I transfer my purchase payment to my Thai Bank first, then make payment from there - NO do as above

What other steps must I do. - just following the above steps, but make sure you send in foreign currency and NOT THB

4. Forex transfer. What is it ? Who will give me this form ? - Do you mean wire transfer, or using a currency trader to send your money?? .... DO NOT USE A CURRENCY TRADER as they are looking to make money or you exchange, but by LAW you must send forign currency into thailand to purchase a condo ( it will be tranfered to THB in Thailand )

hope this helps

[fox]

THANK YOU FOR YOUR PROMPT REPLY.

ANOTHER URGENT QUESTION.

I WAS TOLD BY THE DEVELOPER TO TRANSFER THE PAYMENT FROM MY MALAYSIAN BANK

TO TO MY THAI BANK FIRST AND THEN FROM MY THAI BANK SAVING ACCOUNT

TO THE DEVELOPER. IS THIS CORRECT? I AM NOW BACK IN MALAYSIA.

THANK YOU.

[fox]

Hi,

My new urgent (corrected) question ;

I am now back in Malaysia.

I was instructed by the developer to transfer the deposit/full payment

from my Malaysian Bank in Malaysia to my newly opened saving account Thai Bank in Bangkok.

When the money is deposited in the Thai Bank, Bangkok, then I will transfer

the deposit/full payment to the developer in Bangkok.

Is this correct ?

Your kind response is much appreciated.

Thank you very much.

[Boater]

i suppose you could do that, but it would be far safer to transfer directly to the developer . Who is the developer in question, you can PM if you lilke

[clinique]

You must transfer the funds from Malaysia to your Thai bank account. This account must be in the same name as your passport. The transfer must state that the funds are for "Condominium Purchase". Your Thai bank will then issue you a Foreign Exchange Transfer Form to confirm the funds have indeed come from overseas. This form is required (ie: you must have this form) to transfer the title deed (chanote) into your name (as it appears in passport) at the land office.

Do not transfer the funds directlyto the Developer.

PM for more details if you wish.

[Darrel]

it would be far safer to transfer directly to the developer .

As far as I know that is precisely what you should NEVER do.

[clinique]

it would be far safer to transfer directly to the developer .

As far as I know that is precisely what you should NEVER do.

Totally Agree - 100%. Never transfer money directly to developer.

[PattayaParent]

Hi,

My new urgent (corrected) question ;

I am now back in Malaysia.

I was instructed by the developer to transfer the deposit/full payment

from my Malaysian Bank in Malaysia to my newly opened saving account Thai Bank in Bangkok.

When the money is deposited in the Thai Bank, Bangkok, then I will transfer

the deposit/full payment to the developer in Bangkok.

Is this correct ?

Your kind response is much appreciated.

Thank you very much.

Correct.

As others have said the transfer must be in foreign currency which will be converted by your bank into Thai Baht.

You can then get the necessary Foreign Exchange Transfer Form (FETF) from your bank when you register the condo in your name.

[fox]

Hi,

THANK YOU VERY MUCH TO ALL OF YOU FOR YOUR PROMPT REPLY.

MUCH APPRECIATED.

THANK YOU VERY MUCH ONCE AGAIN

BEST REGARDS,

fox

[teemuj]

To add a twist to the topic - would it be ok to send the funds for condo purchase in several separate lots, i.e. say 30k euro at a time (depending on exchange rate at the time)? Would I be able to register the title deed with several foreign exchange transfer forms for one purchase only?

[PattayaParent]

To add a twist to the topic - would it be ok to send the funds for condo purchase in several separate lots, i.e. say 30k euro at a time (depending on exchange rate at the time)? Would I be able to register the title deed with several foreign exchange transfer forms for one purchase only?

Yes. but you may not be able to get the TT3, the value of the transfer has to be at least the currency equivalent of US$20k.

If that is the case you will have to ask the bank for a 'bai rap rong' for each transfer.

[clinique]

Yes you can but as PP says each transfer must exceed US$20,000- or equivelant to get the TT3.

Each transfer needs to note the purpose is "Condominium Purchase"..

As the land dept is usually 'complicated' i suggest keping your funds o/seas until you have the fiull amount...as multiple TT3s may justadd confusion at the land dept..

[samtam]

I strongly suggest you have a Thai lawyer check the Purchase (& Sale) Agreement with your developer, and preferably use them to make the transfer. Using a lawyer for conveyancing is not expensive, and if you are not familiar with Thailand and Thai laws, it is essential that you proceed this way, just as you would use a lawyer in Malaysia if you were buying a property there. Obviously, you need to be using a bona fide lawyer from a reputable firm.

Edited March 6, 2011 by samtam

[teemuj]

30k euro is about 40k USD at the moment, so that should not be a problem.

Any recommendations in terms of good layers for the process? PM me if naming is an issue on the board. Thanks

[PattayaParent]

Yes you can but as PP says each transfer must exceed US$20,000- or equivelant to get the TT3.

Each transfer needs to note the purpose is "Condominium Purchase"..

As the land dept is usually 'complicated' i suggest keping your funds o/seas until you have the fiull amount...as multiple TT3s may justadd confusion at the land dept..

I prefer to have it split into several TT3's as the value of the sale declared at the land office is usually much lower than the actual buying price and you only need the TT3 to cover the amount shown to the land office. Then you have some 'spare' TT3s that may come in handy later.

[PattayaParent]

If one does not have this TT3 and sells the condo in the future, can they still remit funds overseas? I cant seem to find mine....

Yes, just show the receipt from the Land Office for the sales amount that you paid tax on and you can transfer out.

But if the sales value declared at the Land Office is less than the actual value (which is usually the case) you can use the original TT3 (and any spares you may have) to make up the shortfall.

Edited March 7, 2011 by PattayaParent

[inderr]

Hi,

I am an a Non-Thai and married to a Thai national girl.now here is something which I am really confused about.I am now going to buy a Condo here in Bangkok.I want to know about the Funds (2 million Baht)..which is to buy the condo here should come to my Thai bank Account from MY OWN OVERSEAS ACCOUNT itself or can it also come from my brother's account from over seas.? and Will I still get the Foreign Exchange Certificate ?

or

Should I get the funds transferred to my wife's account and then buy the Condo ?

Please Advice with your expertise.Thanks